The Goldman Sachs Group, Inc. (GS) CEO David Solomon on Q2 2022 Results - Earnings Call Transcript

The Goldman Sachs Group, Inc. (NYSE:GS.PK) Q2 2022 Earnings Conference Call July 18, 2022 9:30 AM ET

Company Participants

Carey Halio - Head, Investor Relations

David Solomon - Chairman and Chief Executive Officer

Denis Coleman - Chief Financial Officer

Conference Call Participants

Glenn Schorr - Evercore

Christian Bolu - Autonomous

Steven Chubak - Wolfe Research

Betsy Graseck - Morgan Stanley

Mike Mayo - Wells Fargo

Brennan Hawken - UBS

Devin Ryan - JMP Securities

Ebrahim Poonawala - Bank of America

Matt O’Connor - Deutsche Bank

Gerard Cassidy - RBC

Jim Mitchell - Seaport Global

Dan Fannon - Jefferies

Operator

Good morning. My name is Katie and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs Second Quarter 2022 Earnings Conference Call. This call is being recorded today, July 18, 2022. Thank you. Ms. Halio, you may begin your conference.

Carey Halio

Good morning. This is Carey Halio, Head of Investor Relations at Goldman Sachs. Welcome to our second quarter earnings conference call. Today, we will reference our earnings presentation, which can be found on the Investor Relations page of our website at www.gs.com. Note, information on forward-looking statements and non-GAAP measures appear on the earnings release and presentation. This audiocast is copyrighted material of the Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without our consent.

I am joined today by our Chairman and Chief Executive Officer, David Solomon; and our Chief Financial Officer, Denis Coleman. Let me pass the call to David.

David Solomon

Thanks, Carey and good morning everybody. Thank you all for joining us. I am pleased with our performance this quarter. There is no question that the market environment has gotten more complicated and a combination of macroeconomic conditions and geopolitics is having a material impact on asset prices, market activity and confidence. We see inflation deeply entrenched in the economy. And what’s unusual about this particular period is that both demand and supply are being affected by exogenous events, namely the pandemic and the war in Ukraine. In my dialogue with CEOs operating big global businesses, they tell me that they continue to see persistent inflation in their supply chains. Our economist, meanwhile, say there are signs that inflation will move lower in the second half of the year. The answer is uncertain and we will all be watching it very closely.